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Typical First-Time Homebuyer Has Lost $71,000 in Purchasing Power on a Home in Just the Last Year

Biden is making the American Dream of homeownership a lot more out-of-reach for Millennial and Generation Z.

Redfin reports that a 30 or 40-something first-time homebuyer with roughly a median income could afford down payment and interest payments on a 30-year mortgage loan on a home of $500,000 this time last year. Thanks to higher interest rates, that same buyer can now only afford a home valued at $429,000 – which in many areas is a condo, not a house. If we go back to Trump-era interest rates of 2.9%, the homebuyer has lost well over $100,000 in the price of a home they can afford.

No wonder so many young workers are still residing in their parents basement’s.

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